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Thursday, October 24, 2013
Smartphone Costs Keep LG's Third Quarter Results Low

LG Electronics reported its lowest quarterly profit for 2013 on Thursday as its mobile business slipped into the red due to the cost of marketing its latest smartphone.

The world's No.2 TV maker announced third-quarter 2013 consolidated revenues of KRW 13.89 trillion (USD 12.51 billion). While competitive conditions in the TV sector and an unfavorable foreign currency exchange rate affected overall revenues compared with the 2012 third quarter, sales of mobile devices increased year-over-year by 24 percent. LG saw a 27 percent increase in third-quarter operating profit to KRW 217.80 billion (USD 196.34 million) compared with the same period last year.

The LG Home Entertainment Company reported revenues of KRW 5.01 trillion (USD 4.50 billion), a 7 percent decline from the same period a year ago, reflecting slower global TV demand and lower selling prices. As it enters the holiday selling season, LG plans to expand global sales of premium products such as OLED TVs and Ultra HD TVs while continuing to carefully manage costs.

Global television manufacturers are betting bigger-ticket products such as ultra high-definition models and OLED lineups help counter slowing TV shipments, even if high production costs price them beyond reach for many consumers.

LG has slashed the price of its 55-inch UHD a couple of times this year. Even so they still sell for some 5 million won ($4,700), around double the price of standard LCD TVs.

The LG Mobile Communications Company's third-quarter revenues increased by 24 percent compared with the same quarter a year ago to KRW 3.05 trillion (USD 2.75 billion). The company shipped 12 million smartphones in the third quarter but profitability and average selling price were affected by increased competition and higher marketing investments. LG plans to focus on increasing sales of new premium products such as the LG G2 smartphone during the peak holiday season as well as maximizing 3G and mid-tier mass devices such as the L II Series and F Series.

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